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Continued from page 2

• Currency, country and culture

• The availability of online distribution platforms, such as mobile or e-commerce platforms

• Online payment possibilities

• Physical goods delivery

• Social media usage

• Size and growth rate of the middle class

McClure was looking at the costs and benefits of going global from the perspective of tech-centric entrepreneurs, who are often intensely focused on fast growth to an exit -- typically an acquisition by a larger company. Lessard's paper focuses more on the question of thinking through the dangers once you've expanded and intend to stay in a market long-term. Suppose you have a great product and it fits the market, but it's easily replicated by a local competitor who can deliver it less expensively? He suggests asking yourself these three questions:

• Is the product relevant, meaning does will it have value to consumers and be able to trump local competitors' product or service in some way

• Is the product appropriable, meaning will a local competitor be able to rapidly duplicate it and sell it for less?

• Is the product transferable, meaning can a company profitably sell it in an international market?

"A firm’s ability to exploit (its capabilities) internationally depends on its ability to systematically understand, regularize, and replicate these capabilities and products in other locations," wrote Lessard.

There is another reason to go global: as a hedge against risk. Big multinationals have been making all these calculations for years: Not only do you get growth, you get a geographically diversified business, which might be a more resilient one. After the federal government found that businesses that exported were more likely to survive the financial crisis, the Import/Export Bank of the United States started a new initiative to help entrepreneurs grow abroad. The bank offers loans, insurance and information. Exports reached an all-time high of $2.2 trillion in 2012, according to the U.S. Trade Initiative.